BANNOCKBURN, Ill.–Great Lakes Credit Union (GLCU) has expanded its field of membership to include more communities within Cook County, Ill.
The $1-billion GLCU said it can now serve the entirety of Cook County, including Chicago’s lakefront, its North Shore communities and communities to the west including Skokie, Albany Park and North Park.
“This is a milestone in GLCU history,” said President/CEO Steven Bugg. “With all of Cook County now in our field of membership, we will be able to make an even greater impact in our communities.”
GLCU said that over time it has evolved from focusing exclusively on the needs of existing members to focusing also on the communities in which they live. The credit union said its “extensive list of products and services positions them to assist both affluent and underserved individuals, businesses, and non-profit organizations with their financial needs.”
Great Lakes CU added that as a low-income designated credit union, the core of its strategy is ensuring a portion of its resources – both people and profits – serve its local underserved communities.
“If you take at face value our expansion into communities in Northern Chicago and its North Shore suburbs, it’s tempting to suggest we’re going off-strategy,” said Bugg, referring to the more affluent areas of Chicagoland. “But serving our mid-market and upscale consumers enables us to generate resources to invest in the underserved markets that need us now more than ever.”
‘Mission-Driven’
According to Bugg, those more affluent consumers appreciate doing their banking with a mission-driven financial institution.
“They feel good knowing they’re not just bettering their own finances. It’s wonderful to get good rates but when you know that in addition, you’re helping to provide financial education that empowers generations of families, you feel you’re a part of something bigger than yourself,” he said. “That matters to a lot of people.”
In addition to partnering with local non-profits and schools to provide financial education, GLCU said it is one of only eight credit unions nationally that serves as a housing counseling agency approved by the U.S. Department of Housing and Urban Development (HUD). Through the new FOM expansion, GLCU said it will be able to expand its free housing and financial counseling to Chicago residents and surrounding Cook County communities.
Great Lakes CU has more than 80,000 members.
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